Panchmahal Steel and Parekh Bright Bars have been exempt from the levy and nine others will pay countervailing duties ranging from 14.4 per cent to 22.1 per cent. The nine stainless steel exporters in the select list are Bhansali Bright Bars, Chandan Steel, Ferro Alloys Corporation, Grand Foundry, Mukand Limited, Rajratna Metal Industries, Sindia Steels, Venus Wire Industries and Viraj Alloys Limited.

Incidentally, the EU put off a decision on the anti-dumping petitionpending against the same steel exporters. It has already imposed provisional anti-dumping duties, followed by provisional anti-subsidy duties on July 17.

The European Union notified provisional anti-subsidy duties on nine stainless steel bright bars exporters from India in July. The same companies had earlier been singled out for provisional anti-dumping duties.

The dumping duties were reduced to the extent of the provisional anti-subsidy duties by the anti-subsidy directorate of the EU, to avoid double counting. Only two companies had to pay a residual amount as dumping duty, Bhansali Bright Bars of Mumbai and Panchmahal Steel of Baroda.

Bhansali Bright Bars had to pay a dumping duty of 2.2 per cent and an anti-subsidy duty of 14.5 per cent. Panchmahal Steel did not have to pay any provisional duty for having enjoyed subsidies, but got saddled with a provisional dumping duty of 11.4 per cent.

All other stainless steel bright bars exporters have since been paying a provisional anti-subsidy duty of 25per cent. The EU imposed the duties, ignoring a plea by Indian steel-makers that the findings of their anti-competition petition against European steel producers be taken into account in deciding the anti-subsidy and anti-dumping cases.

Both the anti-subsidy and anti-dumping petitions against Indian steel producers have been brought by EUROFER, an association of European steel-makers, who account for 80 per cent of the stainless steel trade within the Community. In January this year, the EU levied heavy fines on EUROFER members for colluding on flat steel prices.

According to Indian exporters, EUROFER was attempting a similar price cartel on stainless steel bright bars. The anti-competition petition is expected to come up for hearing next year and will have a bearing on the anti-subsidy and anti-dumping cases as well.

India feels that the exports from the subcontinent were too small to hurt European steel producers, who have 80 per cent of the market tucked under their arm. Stainless steel bright barsfrom India constitute roughly 10 per cent of the 1.35 lakh tonne of the material consumed in Europe.